8 February 2018 / 08:00

Corporate News

HAMBORNER REIT AG: Preliminary figures for 2017 show significant increases in rental income and FFO

DGAP-News: HAMBORNER REIT AG / Key word(s): Preliminary Results

08.02.2018 / 07:00
The issuer is solely responsible for the content of this announcement.

Press Release

HAMBORNER REIT AG: Preliminary figures for 2017 show significant increases in rental income and FFO

- Income from rents and leases: +19.8%

- FFO: +24.0%

- NAV per share: +5.3%

- Dividend increases to EUR0.45 per share

Duisburg, 8 February 2018 - HAMBORNER REIT AG has again enjoyed a highly successful financial year. According to preliminary annual financial statement figures that have not yet been audited, income from rents and leases amounted to EUR74.1 million in the 2017 financial year, up by EUR12.3 million or 19.8% on 2016 as a result of new investments in particular.

EBIT amounted to EUR32.5 million in the reporting year (previous year: EUR31.7 million). After deducting the financial result, the net profit for the year amounted to EUR17.7 million (previous year: EUR17.4 million. The economic vacancy rate including agreed rent guarantees was 1.4%, and therefore on par with the very low level of the previous year (1.3%). Funds from operations (FFO), the key operating earnings indicator, rose by 24.0% last year to EUR44.7 million (previous year: EUR36.1 million). FFO per share increased to EUR0.56 (previous year: EUR0.45), thus exceeding the previous highest value of EUR0.54 from 2014. The improvement illustrates that the capital increases in 2015 and 2016 contributed to the company's value-adding growth. Furthermore, the investments carried out in the course of 2017 and at the start of 2018 as well as the remaining fire power of around EUR160 million, mean additional potential for further increases in rental income and FFO.

The performance of the property portfolio was also very positive in 2017. The annual revaluation of the property portfolio revealed a like-for-like increase in value of EUR32.1 million or 2.9%. The company invested a total amount of EUR214.5 million in seven properties in the past financial year, which also created value added. The total fair value of the properties acquired was EUR227.5 million as at the end of the year, and therefore EUR13.0 million more than the purchase prices of the seven properties. Taking into account the new investments and the increased fair values, the total value of HAMBORNER's portfolio as at 31 December 2017 is EUR1,363 million (previous year: EUR1,115 million). NAV per share as at the end of the year was EUR10.15 and therefore up 5.3% on the previous year's level (EUR9.64 as at 31 December 2016).

The company's financial situation remains comfortable as well. The loan-to-value (LTV) ratio is 39.6% (previous year: 30.0%). The REIT equity ratio of 59.0% (previous year: 67.8%) is still well in excess of the 45% required under the German REIT Act.

In light of the consistently positive business performance, the company intends to propose to the Annual General Meeting on 26 April 2018 to increase the dividend for the 2017 financial year from EUR0.43 to EUR0.45 per share. Based on the share price at the end of 2017, this means a dividend yield of 4.5%. The company will publish its final figures for 2017 and its forecast for the current year on 21 March 2018.

Overview of key figures 2017 preliminary figures 2016 Change
Income from rents and leases EUR74.1 million EUR61.8 million +19.8%
Operating result EUR29.4 million EUR27.7 million +6.2%
EBIT EUR32.5 million EUR31.7 million +2.5%
Net profit for the year EUR17.7 million EUR17.4 million +1.5%
REIT equity ratio 59.0% 67.8% -8.8 %-points
Loan-to-value (LTV) 39.6% 30.1% +9.5 %-points
Funds from operations EUR44.7 million EUR36.1 million +24.0%
Net asset value (NAV) EUR808.9 million EUR768.5 million +5.3%
Funds from operations (FFO) per share EUR0.56 EUR0.45 +24.0%
Net asset value (NAV) per share EUR10.15 EUR9.64 +5.3%
Dividend per share EUR0.45* EUR0.43 +4.7%
(*) proposal to AGM 2018      


HAMBORNER REIT AG is a stock exchange-listed public limited company that exclusively operates in the property sector and is positioned as a portfolio holder for high-yielding commercial properties. The company has sustainable rental incomes, with a nationally-dispersed substantial property portfolio as its foundation. Attractive retail trade spaces in key town centre sites of German cities and intermediate centres form the focal point of the portfolio. In addition, the property portfolio includes highly-frequented specialist stores and profitable office buildings, as well as spaces for medical practices.

HAMBORNER REIT AG stands out due to its many years of experience in the property and capital market, its lean and transparent corporate structure as well as its special proximity to the tenants. Since February 18, 2010 HAMBORNER has been a registered Real Estate Investment Trust (REIT) and benefits at company level from exemption from corporation and trade tax.

Investor Relations/Public Relations

Christoph Heitmann
Tel.: +49 (0)203 54405-32
Fax: +49 (0)203 54405-49
E-Mail: c.heitmann@hamborner.de
Web: www.hamborner.de

08.02.2018 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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